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Mayer Brown | USA | 5 Oct 2016

Salman v. United States: Supreme Court Considers Heightened Personal Benefit Standard for TipperTippee Insider Trading Liability

On October 5, 2016, the United States Supreme Court began hearing argument in Salman v. United States, one of the most closely watched insider


Mayer Brown | USA | 6 Aug 2012

US Court of Appeals for the Second Circuit holds rapid post-fraud stock rebound does not bar securities fraud suit

The failure to allege economic loss and loss causationessential elements of a securities fraud claimshould be fatal to a Rule 10b-5 complaint.


Mayer Brown | USA | 30 Nov 2011

Rejection of settlement with SEC may affect SEC’s securities fraud settlement policy

Earlier this week, a federal district court judge in Manhattan rejected a proposed $285 million settlement between the US Securities Exchange Commission and Citigroup in a mortgage-backed securities matter.


Mayer Brown | USA | 1 Jul 2011

Infineon Technologies agrees to $6 million settlement in criminal price-fixing case post-Morrison

On June 20, 2011, following seven years of litigation, Infineon Technologies AG reached a $6.2 million settlement with investors in a securities fraud class action based on the company’s admission that it participated in an illegal price-fixing conspiracy.


Mayer Brown | USA | 28 Mar 2011

US Supreme Court rules that statistical significance is not required for data to be material under Rule 10b-5 in Matrixx Initiatives, Inc. v. Siracusano

On March 22, 2011, the United States Supreme Court decided the much-anticipated case Matrixx Initiatives, Inc. v. Siracusano, No. 09-1156.


Mayer Brown | USA | 19 Jan 2011

Southern District of New York requires allegation of scienter in securities claims against Barclays Bank

In early January 2011, Judge Paul A. Crotty of the District Court for the Southern District of New York dismissed with prejudice a federal securities class action against Barclays, several of Barclays’ senior officers and a dozen other investment banks.


Mayer Brown | USA | 13 Jan 2011

Southern District Court of New York holds “red flags” insufficient to allege scienter in Madoff-related federal securities class action

Judge Leonard Sand of the District Court of the Southern District of New York recently dismissed securities and common law fraud claims asserted by investors against a "fund of funds" that invested with Bernard L. Madoff Securities LLC (BMIS) for failure to adequately allege scienter.


Mayer Brown | USA | 3 Jan 2011

Auction rate securities (ARS) fraud claim against Merrill Lynch dismissed for failure to allege causation adequately

In early December 2010, Judge Preska of the Southern District Court of New York dismissed federal claims against Merrill Lynch and other related parties based on the plaintiffs' failure to adequately plead that alleged misstatements and manipulative conduct proximately caused plaintiffs' losses.


Mayer Brown | USA | 22 Nov 2010

Florida class action plaintiffs win first financial crisis jury trial

Following a four-week trial and three days of deliberations, a nine-member jury concluded that Florida-based BankAtlantic Bancorp and two of its executives intentionally misled investors about the bank's troubled real estate loan portfolio during 2007's economic downturn.


Mayer Brown | USA | 8 Nov 2010

Two notable subprime securities lawsuit dismissals for failure to allege scienter adequately

In late September 2010, the US District Court for the Southern District of New York granted motions to dismiss in two subprime lawsuits alleging federal securities fraud due to the plaintiffs' failure to sufficiently establish the defendants' culpable knowledge or intent (scienter).

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